Medical Billing update

After spending another hour yesterday making calls to try to come to a conclusion over the 2x appointments and treatment I had for my leg wound back in August and early September. I’ve been applying the lessons learned, experience I’ve had resolving my billing for my heart attack, which i close to, but not yet finally resolved. Here are some tweets I sent after getting off the phone yesterday.

Just checking in…

My disdain for the US Banking system should be obvious to anyone who follows my blog. Their attempts at modernizing, really are just “lipstick on a pig”.

While most countries are looking for ways to get out of the check processing business, and many to avoid it all together, using micro-banking and straight-through-processing to enable both a more effective user experience, and also reduce risk inherent in a real-time banking system. The UK even initially announced an end-date for the use of “cheques” in 2018, although that was later withdrawn. It’s still possible to transfer money between accounts in different banks within the UK banking system almost instantly and within 15-minutes, and for free.

Not so here in the USA. Much to my disappointment, I recently ran out of checks for my Texas FCU. It was the easiest and most effective way to pay some big bills for the construction work we’ve been doing, as well as bills for our wedding. I went online to the FCU and clicked order checks, it took me to an external website, where I was unable to order checks. Turns out the 3rd party had my address from when I first ordered 250 checks back in 2006.

You can’t change the address online, I had to call the FCU, they had to go through the update process and order the checks for me. Sure enough 8-dys later they appeared in my mailbox.

Mobile Ready Checks

Much to my “surprise” the checks have changed, just a little bit. They now include accommodation of the process which allows us to pay cheques in by taking pictures and submitting them on out phones via an app. I’m sure someone is feeling pretty smug, they’ve just invented pig lipstick.

Everything a consumer or non-financial institution does in terms of moving money around depends on the ACH, it’s not just checks, it’s pretty much anything online. Hey, but there’s an eCheck API.

Bloomberg had a good article on America’s addiction to checks back in July, by @kate_robertson – I think though they tackled it from the wrong angle, the reason people are addicted is because they work, and the patchwork of alternatives and restrictions on how they can be used has put them off if they’ve tried them.

My local credit union, Elevations FCU does a pretty good job at working within the confines of the American Clearing House and Federal Reserve straight jackets. Their technology is pretty solid, and their process limits, reasonable. Their mobile app has fingerprint sign-in, a good UI, and access to Popmoney, with useable daily and monthly limit. Their effectiveness and ability to innovate though is still hampered by the “system”.

My Texas FCU, Amplify, so mirrors their roots and seems incapable of escaping them. They started life as the IBM Federal Credit Union in Texas in 1967, and they’ve struggled much like their namesake to move with the times. While they have Internet/Web banking, I’ve had numerous problems and one acknowledged defect between their web and backend systems which frustrated my efforts to avoid paying by checks. They also claim Texas State rules prevent them from allowing various amounts above $1,000 in an out of accounts, especially Home Equity Line of Credit (HELOC) accounts.

Time for a new deal?

Involuntary under-employment, the bitter price of austerity; Involuntary migration, the bitter fruit of concetrating decent jobs in small areas.

Neither globalization nor electricfied fences can fix this. It is delusional to believe that Britain or America can prosper sustainably when neighbouring nations are in a crisis.

Subtlety and leadership we cant expect from Trump and May. This is a great series of short video op-eds from BBC Newsnight.

Brexit and the economy

There are plenty of people who think the current state of the UK economy is a cause for celebration.  Lots of numbers up including employment.

This belies the uncertainty ahead,  and while the UK Pound continues to be at an effective 20% discount to the US Dollar,  resources,  people,  products and services in the UK are effectively cheap.

While this is likely to continue,  those celebrating it as a result inside the UK should think again. In so much as individuals and business in the UK can acquire all the raw materials they need for manufacturing and business in the UK,  it would be great. Sadly,  apart from personal service,  there are few to no products in the UK made entirely in the UK from UK Raw material.

Exceptions are of course energy, oil,  gas, wind,  solar.  Add to that nuclear power,  and outside of the labor,  technology requirements, the UK is expanding.  Add to this government endorsed push for increased fracking,  often overriding local wishes and you have one sector that is somewhat protected.

The rest economy though,  doesn’t look so good. Anything bought overseas,  finished goods,  imported food, and raw materials will increase in price overcome coming months and years until the cable(UKP/USD)  resets to something like the $1.50 mark.

FYI. Most futures contracts and supply contracts sources from overseas are priced in USD,  even if they don’t involve US companies or US resources.

So,  what do the currency experts say? The following is the XE Market Analysis for December 30th 2016.

Not so happy new year.

Sterling has been trading with a heavy tone in the final week of 2016 trading, making a two-month low versus the dollar, a seven-week nadir against the euro and a one-month low versus the yen. The pound has now more than reversed the gains seen from early November, when the BoE adopted a neutral policy bias, through to early/mid December. The pound remains over 17% down versus the dollar since the Brexit vote in late June, and by some 12% in the case against the euro. BoE MPC member McCafferty last week warned that rising inflation and slowing global growth would hit the supply side of the economy in 2017, and there is a general view that UK growth will be sub-optimal over the next year as Brexit-related uncertainties drag on. Cable support is at 1.2200, while initial resistance is at 1.2297-1.2300, which encompasses the year-end holiday-season highs, ahead of 1.2344-50. We anticipate a return to levels around 1.2100.

Everything wrong with the US Financial System in one man

I’ve been avoiding blogging during the election cycle to stay away from turning my blog into another pile of steaming bile.

1848341
Image from occupy.com

The more I learn about Strumpf(any coincidence to John Olivers #makdonalddrumpfagain purely coincidental), the former CEO of Wells Fargo, the more he becomes the poster boy for everything wrong with the “too big to fail” banks.

The head of any organization sets the strategy, and the tone of the implementation of the organizations strategy. Bad ones do only one, or neither. Strumpf seems to be in the later category based on his testimonial to a House panel on the recent Wells Fargo creation of unwanted accounts, charges etc. When a major corporation has to fire over 5,000 lower level employees, the is no way the CEO wasn’t responsible for the culture that allowed this to happen.

As if that wasn’t bad enough, this morning I read Kathy Kristofs article about Strumpfs stock sale, prior to announcement of the settlement over the illegal activities. While reading this it’s worth making a mental note of the numbers and sheer scale. Remember that ordinary bank customers were charged around $2.4-million in charges related accounts they hadn’t asked for. Apart from this at least having the appearance of insider dealing/trading it reveals the absurd and clearly unjustified amounts of money in the system.

Stumpf sold nearly 3 million Wells Fargo shares in 2016, which is almost 10 times the 351,991 shares he sold the previous year, according to SEC filings. His profit on the 2016 sales amounted to $65.4 million.

Strumpf must be investigated for this, and an example made of him. Otherwise, the country and it’s leaders are sending the same message to the financial industry titans, as they would be sending to their organizations, bending and breaking the rules is OK.

For more on Strumpf, Nomi Prins has a list of his “crimes” and failings while CEO.

Shared, Co-operative banking

2897D64F00000578-3077773-image-m-7_1431445606983[1]I’m still mystified over banking here in the USA, some 20-years after leaving the industry in 1986. Arcane rules; differences from State to State; duplication, overlap and the too-big-to-fail banks. I’ve complained here before.

My current frustration comes from trying to maintain two different credit union accounts. One in Texas with Amplify FCU (the ex-IBM Employee credit union) and another in Colorado, Elevations FCU. Elevations web and mobile apps are far better than those from Amplify. But both seem to be “hand-tied” by rules that were credited back in the 1980’s.

Today’s frustration is summarised in these tweets.

This, after trying to move $1,000 online from an account at Amplify, to another Amplify account, only to be told that Texas laws only a minimum of $4,000 to be transferred daily, after you transfer $4,000, you can transfer back $3,000 the same day. Huh ?

Either way, money takes forever to move around, and often comes with a heavy charge. Miss the 2:30pm deadline for transfers in Texas, that’s a different charge if you go overdrawn. Meanwhile, I can transfer money from one bank to another in the UK in less than 15-minutes, no charge. I can also transfer money from a UK Bank to a German Bank within 2-hours, no charge.

Laughing at US Banks

aka too big to do anything useful.

So, most mornings lately, during breakfast, Chase Bank has been running these commercials on TV. Yep, they are selling their bank on the basis of being able to make easy check deposits. Most US Banks and Credit Unions provide some form of ATM check deposit, similar to this…

no-checks-400x506[1]So while most western countries are running from checks as fast as they can, some have even announced the end of checks/cheques as we know them, the US is not only persisting with the check model and clearance process, they are making ATM’s better at accepting checks and spending money to promote it.

Meanwhile, I can login to my UK Bank, and for free, transfer money to my Son in Berlin in a different country, and different currency and it is in his account in about an hour. To send money to people in the UK, it’s even quicker, less than 15-minutes on average. I’ve had the account for nearly 15-years and not had a checkbook for the last 12-years.

The easiest, simplest and by far thecheapest way for a person in the USA to send me money is to write a physical check, take a picture of the check on their cellphone, and email me the picture. I remote deposit it in either of my USA Bank Accounts. Way to go USA.